According to traders, investors were hopeful that the collective efforts of global governments and central banks would cushion the economic fallout of coronavirus.

The IMF on Wednesday said will make available about USD 50 billion through its rapid-disbursing emergency financing facilities for low income and emerging market countries that could potentially seek support on account of coronavirus.

Bourses in Shanghai, Hong Kong, Seoul and Tokyo rallied up to 1 per cent.

Stock exchanges in the US too ended sharply higher on Wednesday.

The rupee depreciated marginally to 73.45 against the US dollar in morning session.